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Check Cashing

About this Policy

Check Cashing

Policy Number: 25302


Effective Date:
Dec 12, 2017

Last Updated:
Jan 01, 1970

Responsible Office:
UM System Treasurer's Office

Responsible Administrator:
UM System Treasurer

Policy Contact:

Campus Cashier’s Office

Categories:

  • Finance

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Scope

This policy covers the authorization of checks that may be cashed by the University.

Reason for Policy

To aid in the prevention of financial loss resulting from the cashing of checks from third parties.

Policy Statement

Each campus will determine its own policy regarding check cashing and may include:

  • Checks cashed as a service to University employees and students   
  • Checks cashed for petty cash custodians with a valid supplier ID 
  • Checks cashed for international visitors as authorized by the campus Division of Finance

Checks will only be cashed by the campus Cashier’s Office.  Other cash funds may not be used to cash checks. All transactions must be evidenced by a written record including but not limited to: date, amount, signature of the employee and certification of the cashier making the exchange. Petty Cash Fund Custodians must cash their checks at the campus Cashiers Office.

Definitions

Accountabilities

Campus Cashier’s Office:

  • Cash checks for authorized individuals
  • Verify that the dollar amount of the check does not exceed campus limits determined by the campus Division of Finance
  • Verify identity of individual cashing the check
  • Properly document the transaction
  • Deposit checks at the depository bank

Campus Division of Finance:

  • Assign supplier ID’s to petty cash custodians
  • Provide information to campus Cashier’s Office for international visitors approved to cash a check
  • Set dollar limits, as needed, for checks cashed

Additional Details

Forms

Related Information

Policy 25201 on Cash Receipts

History

This policy combines the following former policies:

  • Cash Receipts Manual 702 – Check Cashing (created 4/27/2004)
  • Cash Receipts Manual 305 – Exchanging Checks for Cash (created 2/28/1997)

Procedure

Reviewed 2017-12-06